Today's typical consumer relies on credit cards issued by banks, oil companies and other credit extenders to transact much of his daily business. Although such credit cards offer quick, reliable means of establishing a consumer's worthiness to purchase goods and services on credit, they have drawbacks.
A single credit card is light, compact and convenient. However, five, six, seven or more are bulky, clumsy and inconvenient for storage in a pocket, wallet or purse.
If a single credit card is lost or stolen, its authorized user is required only to contact one issuer to cancel or suspend the authorization of future credit extensions in his name. However, if five, six, seven or more cards are lost or stolen at the same time, their authorized user is required to contact each and every issuer individually to cancel or suspend the authorization of future credit extensions in his name. This process can be both costly and time-consuming.
A multiple-company credit-card system, based on the issuance of a primary plate to each participating credit-card user, would provide all of the benefits of an assortment of individual credit cards while eliminating the above-named drawbacks.